New Risk • Jun 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 4.3% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.3% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 121% Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (€78.6m market cap, or US$91.2m). Reported Earnings • Jun 16
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: €1.62 loss per share (down from €2.51 profit in FY 2025). Revenue: €281.4m (down 28% from FY 2025). Net loss: €12.9m (down 167% from profit in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates significantly. Revenue is expected to decline by 3.3% p.a. on average during the next 3 years, while revenues in the Entertainment industry in France are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 14
Consensus EPS estimates fall by 58% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -€0.436 to -€0.689 per share. Revenue forecast of €281.2m unchanged since last update. Entertainment industry in France expected to see average net income growth of 75% next year. Consensus price target down from €19.07 to €17.27. Share price rose 3.7% to €9.69 over the past week. Buy Or Sell Opportunity • May 27
Now 25% overvalued Over the last 90 days, the stock has fallen 23% to €9.63. The fair value is estimated to be €7.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 8.9% in a year. Earnings are forecast to decline by 205% in the next year. Price Target Changed • Apr 17
Price target decreased by 16% to €25.83 Down from €30.80, the current price target is an average from 4 analysts. New target price is 140% above last closing price of €10.76. Stock is down 36% over the past year. The company is forecast to post a net loss per share of €0.18 compared to earnings per share of €2.51 last year. Buy Or Sell Opportunity • Apr 17
Now 38% undervalued after recent price drop Over the last 90 days, the stock has fallen 32% to €10.76. The fair value is estimated to be €17.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company became loss making. Announcement • Apr 17
Pullup Entertainment Société anonyme to Report Fiscal Year 2026 Final Results on Jun 11, 2026 Pullup Entertainment Société anonyme announced that they will report fiscal year 2026 final results After-Market on Jun 11, 2026 Announcement • Jan 16
Pullup Entertainment Société anonyme to Report Fiscal Year 2026 Results on Apr 16, 2026 Pullup Entertainment Société anonyme announced that they will report fiscal year 2026 results at 5:45 PM, Central European Standard Time on Apr 16, 2026 New Risk • Dec 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.4% per year for the foreseeable future. Minor Risks High level of debt (49% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Large one-off items impacting financial results. New Risk • Dec 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (63% net debt to equity). Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.6% average weekly change). Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €15.04, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 9x in the Entertainment industry in France. Total loss to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €16.21 per share. Major Estimate Revision • Dec 11
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €1.04 to €0.883 per share. Revenue forecast steady at €271.6m. Net income forecast to shrink 65% next year vs 16% growth forecast for Entertainment industry in France . Consensus price target broadly unchanged at €31.40. Share price fell 14% to €15.60 over the past week. Major Estimate Revision • Oct 16
Consensus EPS estimates increase by 19% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from €0.873 to €1.04. Revenue forecast unchanged at €271.6m. Net income forecast to shrink 38% next year vs 35% growth forecast for Entertainment industry in France . Consensus price target of €31.30 unchanged from last update. Share price was steady at €21.00 over the past week. Announcement • Oct 16
Pullup Entertainment Société anonyme to Report Q2, 2026 Results on Dec 09, 2025 Pullup Entertainment Société anonyme announced that they will report Q2, 2026 results After-Market on Dec 09, 2025 New Risk • Oct 05
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks High level of debt (49% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). Large one-off items impacting financial results. Upcoming Dividend • Sep 25
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 02 October 2025. Payment date: 06 October 2025. The company last paid an ordinary dividend in May 2015. The average dividend yield among industry peers is 2.0%. Announcement • Aug 12
Pullup Entertainment Société anonyme, Annual General Meeting, Sep 25, 2025 Pullup Entertainment Société anonyme, Annual General Meeting, Sep 25, 2025. Location: parc de flandre, batiment 28, 11 rue de cambrai, paris France Reported Earnings • Jul 29
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €2.51 (up from €3.22 loss in FY 2024). Revenue: €390.0m (up 108% from FY 2024). Net income: €19.4m (up €39.3m from FY 2024). Profit margin: 5.0% (up from net loss in FY 2024). Revenue is expected to decline by 15% p.a. on average during the next 3 years, while revenues in the Entertainment industry in France are expected to grow by 2.0%. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 17
Consensus EPS estimates fall by 22% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €1.12 to €0.873. Revenue forecast unchanged from €274.1m at last update. Net income forecast to shrink 65% next year vs 81% growth forecast for Entertainment industry in France . Consensus price target of €31.30 unchanged from last update. Share price rose 18% to €22.80 over the past week. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €22.80, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 18x in the Entertainment industry in France. Total loss to shareholders of 48% over the past three years. Reported Earnings • Jun 15
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €2.49 (up from €3.22 loss in FY 2024). Revenue: €390.0m (up 108% from FY 2024). Net income: €19.4m (up €39.3m from FY 2024). Profit margin: 5.0% (up from net loss in FY 2024). Revenue is expected to decline by 21% p.a. on average during the next 2 years, while revenues in the Entertainment industry in France are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €19.35, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Entertainment industry in France. Total loss to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €33.19 per share. Buy Or Sell Opportunity • Apr 03
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to €18.06. The fair value is estimated to be €23.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 20% in 2 years. Earnings are forecast to decline by 5.5% in the next 2 years. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 21% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risks High level of debt (77% net debt to equity). Share price has been volatile over the past 3 months (9.3% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €23.50, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Entertainment industry in France. Total loss to shareholders of 49% over the past three years. New Risk • Jan 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 21% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 21% per year for the foreseeable future. High level of non-cash earnings (4,350% accrual ratio). Minor Risks High level of debt (77% net debt to equity). Share price has been volatile over the past 3 months (9.3% average weekly change). Shareholders have been diluted in the past year (33% increase in shares outstanding). New Risk • Dec 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 20% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks High level of debt (108% net debt to equity). Share price has been volatile over the past 3 months (8.7% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (33% increase in shares outstanding). Buy Or Sell Opportunity • Dec 02
Now 23% undervalued Over the last 90 days, the stock has risen 14% to €18.98. The fair value is estimated to be €24.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Nov 14
Now 21% undervalued Over the last 90 days, the stock has risen 23% to €19.56. The fair value is estimated to be €24.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Oct 17
Price target increased by 8.0% to €29.65 Up from €27.45, the current price target is an average from 4 analysts. New target price is 49% above last closing price of €19.92. Stock is down 5.4% over the past year. The company is forecast to post earnings per share of €3.36 next year compared to a net loss per share of €3.22 last year. Price Target Changed • Sep 06
Price target increased by 12% to €18.86 Up from €16.88, the current price target is an average from 5 analysts. New target price is 8.0% above last closing price of €17.46. Stock is down 44% over the past year. The company is forecast to post earnings per share of €1.44 next year compared to a net loss per share of €3.22 last year. Buy Or Sell Opportunity • Aug 26
Now 23% undervalued Over the last 90 days, the stock has risen 26% to €16.84. The fair value is estimated to be €22.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Announcement • Aug 07
Pullup Entertainment Société anonyme, Annual General Meeting, Sep 26, 2024 Pullup Entertainment Société anonyme, Annual General Meeting, Sep 26, 2024. Location: parc de flandre, le beauvaisis, 11 rue de cambrai, paris France Reported Earnings • Jul 26
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: €3.22 loss per share (down from €1.18 profit in FY 2023). Revenue: €187.3m (down 3.5% from FY 2023). Net loss: €19.9m (down 372% from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 127%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Entertainment industry in France. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 23
Full year 2024 earnings released Full year 2024 results: Revenue: €187.3m (down 3.5% from FY 2023). Net loss: €19.9m (down 372% from profit in FY 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Entertainment industry in France. New Risk • May 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding). New Risk • Apr 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (€66.2m market cap, or US$70.5m). Price Target Changed • Apr 19
Price target decreased by 20% to €21.94 Down from €27.54, the current price target is an average from 5 analysts. New target price is 173% above last closing price of €8.03. Stock is down 82% over the past year. The company is forecast to post a net loss per share of €0.81 compared to earnings per share of €1.18 last year. Buy Or Sell Opportunity • Jan 24
Now 30% overvalued Over the last 90 days, the stock has fallen 30% to €17.26. The fair value is estimated to be €13.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Dec 26
First half 2024 earnings released: €1.86 loss per share (vs €0.23 profit in 1H 2023) First half 2024 results: €1.86 loss per share (down from €0.23 profit in 1H 2023). Revenue: €85.0m (up 30% from 1H 2023). Net loss: €11.5m (down €12.9m from profit in 1H 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, while revenues in the Entertainment industry in France are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. New Risk • Dec 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (€71.3m market cap, or US$78.3m). Announcement • Dec 20
Focus Entertainment Société anonyme (ENXTPA:ALFOC) acquired Make it Happen Studio and Marvelous Productions. Focus Entertainment Société anonyme (ENXTPA:ALFOC) acquired Make it Happen Studio and Marvelous Productions on December 18, 2023.Focus Entertainment Société anonyme (ENXTPA:ALFOC) completed the acquisition of Make it Happen Studio and Marvelous Productions on December 18, 2023. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment deteriorates as stock falls 39% After last week's 39% share price decline to €12.20, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 13x in the Entertainment industry in Europe. Total loss to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €21.95 per share. Major Estimate Revision • Dec 17
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €195.5m to €192.1m. EPS estimate also fell from €2.48 per share to €2.10 per share. Net income forecast to shrink 4.3% next year vs 31% growth forecast for Entertainment industry in France . Consensus price target down from €36.62 to €29.26. Share price fell 36% to €13.40 over the past week. Buying Opportunity • Dec 16
Now 37% undervalued after recent price drop Over the last 90 days, the stock is down 56%. The fair value is estimated to be €21.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 58%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 29% per annum over the same time period. Price Target Changed • Dec 15
Price target decreased by 18% to €31.46 Down from €38.56, the current price target is an average from 5 analysts. New target price is 135% above last closing price of €13.40. Stock is down 73% over the past year. The company is forecast to post earnings per share of €2.10 for next year compared to €1.18 last year. Announcement • Dec 08
FOCUS Entertainment and Saber Interactive Announce the Highly Anticipated Sequel to the Iconic Warhammer 40,000: Space Marine FOCUS Entertainment and Saber Interactive announced that the highly anticipated sequel to the iconic Warhammer 40,000: Space Marine will conquer PlayStation 5, Xbox Series X|S and PC on September 9, 2024. Developed by Saber Interactive, renowned for their blockbuster co-op shooter World War Z, and published by Focus Entertainment,Warishers 40,000: Space Marine 2 promises an immersive and action-packed experience. This date was announced at The Game Awards ceremony held in Los Angeles. During The Game Awards, Focus Entertainment and DON'T NOD unveil an ambitious new trailer for Banishers: Ghosts of New Eden. The stunning trailer, sets the tone for the upcoming Banishers: ghost of New Eden. The game will be launched on February 13th for PlayStation 5, Xbox Series X |S, and PC, pre-orders are now open on all platforms. Major Estimate Revision • Nov 24
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €208.7m to €200.0m. EPS estimate also fell from €2.84 per share to €2.48 per share. Net income forecast to grow 22% next year vs 31% growth forecast for Entertainment industry in France. Consensus price target down from €42.52 to €38.56. Share price fell 8.4% to €22.45 over the past week. Announcement • Nov 23
FOCUS ENTERTAINMENT Presents an Update on the Execution of its Games Release Programme FOCUS ENTERTAINMENT presented an update on the execution of its games release programme. During Paris Games Week in early November, which attracted 180,000 visitors (21% more than in 2022), Banishers: Ghost of New Eden, set for release on 13 February 2024, received numerous positive reviews. These reviews once again highlight the game’s potential in terms of narrative qualities and gameplay following the video games trade fair and game testing events. Banishers: Ghost of New Eden is the new franchise co-owned with DON'T NOD and will be launched simultaneously on Playstation 5, Xbox Series X|S and PC. The end of 2023/2024 will also see the launch of Expeditions: A MudRunner Game. With this new game, Focus Entertainment and Saber Interactive explore new types of gameplay on the MudRunner franchise. This new opus, developed by the creators of SnowRunner with over 15 million players worldwide, renews the gameplay of the famous off-road experience. The game will be available on all PlayStation 5, PlayStation 4, Xbox Series X|S, Xbox One, Nintendo Switch, and PC platforms. Focus Entertainment will reveal the official launch date of the highly anticipated Warhammer 40,000: Space Marine 2 - the iconic Games Workshop licence – in early December. The game is now poised to ship in the second half of 2024, to provide the time needed to properly polish the game and to ensure the best possible experience. Focus Entertainment is committed to releasing a game that is of the highest quality and that exceeds the expectations of the countless fans of the franchise. Space Marine 2 has already accumulated over a million wish lists to date. Focus Entertainment announces a new partnership with Afterburner Studios, based in United-States, for the creation of a new intelectual co-ownership. Afterburner Studios was founded in 2018 by three veterans of the video games industry: Robert Taylor, Ian Cofino and Paul Svoboda. In 2021, they released Dreamscaper, which garnered 89% positive ratings on Steam (out of 2,000 reviews) and a Metacritic score of 80, reaching over 600,000 players. Buying Opportunity • Nov 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 31%. The fair value is estimated to be €30.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 58%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 31% per annum over the same time period. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €26.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Entertainment industry in Europe. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €31.46 per share. Buying Opportunity • Oct 25
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 39%. The fair value is estimated to be €32.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 58%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 31% per annum over the same time period. Major Estimate Revision • Oct 22
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €222.2m to €208.7m. EPS estimate also fell from €3.02 per share to €2.32 per share. Net income forecast to grow 59% next year vs 51% growth forecast for Entertainment industry in France. Consensus price target down from €48.34 to €42.52. Share price fell 3.2% to €23.00 over the past week. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €22.80, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Entertainment industry in Europe. Total loss to shareholders of 44% over the past three years. Price Target Changed • Oct 06
Price target decreased by 14% to €48.34 Down from €56.34, the current price target is an average from 5 analysts. New target price is 96% above last closing price of €24.70. Stock is down 42% over the past year. The company is forecast to post earnings per share of €3.02 for next year compared to €1.18 last year. Price Target Changed • Sep 27
Price target decreased by 9.8% to €56.34 Down from €62.43, the current price target is an average from 5 analysts. New target price is 100% above last closing price of €28.20. Stock is down 33% over the past year. The company is forecast to post earnings per share of €3.15 for next year compared to €1.18 last year. Buying Opportunity • Sep 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be €38.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 58%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 35% per annum over the same time period. New Risk • Aug 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €32.85, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 20x in the Entertainment industry in Europe. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €35.10 per share. Reported Earnings • Jul 28
Full year 2023 earnings released: EPS: €1.18 (vs €0.48 in FY 2022) Full year 2023 results: EPS: €1.18 (up from €0.48 in FY 2022). Revenue: €194.1m (up 36% from FY 2022). Net income: €7.31m (up 145% from FY 2022). Profit margin: 3.8% (up from 2.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Entertainment industry in France are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Major Estimate Revision • Jul 18
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €246.0m to €242.2m. EPS estimate rose from €2.64 to €3.07. Net income forecast to grow 125% next year vs 32% growth forecast for Entertainment industry in France. Consensus price target broadly unchanged at €61.43. Share price was steady at €42.55 over the past week. Reported Earnings • Jun 16
Full year 2023 earnings released Full year 2023 results: Revenue: €194.1m (up 36% from FY 2022). Net income: €7.30m (up 143% from FY 2022). Profit margin: 3.8% (up from 2.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, while revenues in the Entertainment industry in France are expected to remain flat. Announcement • May 18
Focus Entertainment Société anonyme Announces Executive Changes In agreement with the Board of Directors, Mr. Sean Brennan tendered his resignation as Chief Executive Officer of Focus Entertainment on 16 May with immediate effect. As part of this change in governance and in order to pursue the development of the Company's strategy, the Board of Directors, meeting on 16 May, announced that it had taken the decision to combine the functions of Chairman of the Board and Chief Executive Officer and to appoint Fabrice Larue as Chief Executive Officer of Focus Entertainment. Reported Earnings • Dec 16
First half 2023 earnings released First half 2023 results: Revenue: €65.5m (down 23% from 1H 2022). Net income: €1.40m (down 74% from 1H 2022). Profit margin: 2.1% (down from 6.4% in 1H 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Entertainment industry in France. Board Change • Nov 16
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 5 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Member of the Supervisory Board Louise Tingstrom is the most experienced director on the board, commencing their role in 2021. Independent Director Virginie Calmels was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Jun 23
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from €170.6m to €174.3m. EPS estimate fell from €2.88 to €1.87 per share. Net income forecast to grow 337% next year vs 15% growth forecast for Entertainment industry in France. Consensus price target down from €59.97 to €58.22. Share price rose 15% to €44.35 over the past week. Reported Earnings • Jun 17
Full year 2022 earnings: Revenues exceed analyst expectations Full year 2022 results: Revenue: €142.6m (down 17% from FY 2021). Net income: €3.00m (down 77% from FY 2021). Profit margin: 2.1% (down from 7.8% in FY 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 4.4%. Over the next year, revenue is forecast to grow 20% compared to a 3.3% decline forecast for the industry in France. Board Change • Apr 27
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 5 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Member of the Supervisory Board Louise Tingstrom is the most experienced director on the board, commencing their role in 2021. Independent Director Virginie Calmels was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Apr 10
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 5 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Member of the Supervisory Board Louise Tingstrom is the most experienced director on the board, commencing their role in 2021. Independent Director Virginie Calmels was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. 
